电子行业：海力士营收大幅增长，HBM需求不减

Investment Rating - The report maintains a positive outlook on the DRAM industry, indicating continued growth driven by strong demand from AI applications and supply constraints [3]. Core Insights - SK Hynix reported a significant revenue increase of 17.57 trillion KRW (approximately 12.72 billion USD) for Q3 2023, marking a 7% quarter-over-quarter growth and a substantial 94% year-over-year increase [1]. - The company's EBITDA rose by 18% quarter-over-quarter and 56% year-over-year, with a net profit of 5.75 trillion KRW, reflecting a net profit margin of 33%, which is an 8 percentage point increase from the previous quarter [1]. - The demand for AI memory products, particularly DRAM and HBM, is expected to remain strong, with HBM sales projected to increase from 30% of DRAM sales in Q3 2024 to 40% in Q4 2024 [2]. Summary by Sections Revenue Performance - SK Hynix's revenue structure shows that DRAM accounted for 69% of sales, with HBM sales increasing by 70% quarter-over-quarter and 330% year-over-year [1][7]. - NAND products, particularly eSSD, also saw significant growth, with sales increasing by 20% quarter-over-quarter and 430% year-over-year [1]. Market Demand Drivers - The demand for DRAM is driven by three main factors: high demand for server DRAM in data centers, increased memory configurations in AI mobile and PC devices, and a supply shortage of HBM [2]. - The report highlights that the performance and density improvements of HBM are crucial for the development of AI servers, which are expected to be a major growth driver for HBM in the long term [2]. Investment Recommendations - The report suggests focusing on companies like Beijing Junzheng and Zhaoyi Innovation, as the DRAM industry is expected to continue its upward trajectory due to tight supply-demand dynamics [3].